RECORDING STUDIO / OFFICE LEASE

Transcription

1 RECORDING STUDIO / OFFICE LEASE FOR LEASE PREPARED FOR: Prepared By: VERUS Advisors 319 W Oak St Denton, TX Glen Farris gfarris@v-re.com CBCWORLDWIDE.COM

2 TABLE OF CONTENTS Executive Summary 3 Property Overview 4 Property Overview 5 Maps & Aerials 6 Nearby Amenities 7 Market overview 8 Demographics 9 Contact Information 10 Confidentiality Statement Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. CBCWORLDWIDE.COM 2

3 EXECUTIVE SUMMARY THE PROPERTY 307 N Locust Denton, Texas PROPERTY SPECIFICATIONS Property Type: Class: Building Size: Land: Office B 20,000 SF 1.4 Acres Number of Stories: 1 Year Built/Renovated: 1900/1995 Typical Floor Size: 20,000 SF FAR: PRICE Lease Price: Price/SF: $1, per month + NNN $18 + NNN MARKET HIGHLIGHTS In the heart of booming downtown Denton. Join other local businesses, retailers and a variety of food and drink options in this exciting office opportunity INVESTMENT HIGHLIGHTS LOCATION HIGHLIGHTS Single story downtown studio Parking availabe - RARE! Beautiful finish out Isolation booths wired for studio use Beautiful lobby Clean power Fiber internet available Easy Access off S Locust A block south of the square Walkable distance from every anemity CBCWORLDWIDE.COM 3

4 PANHANDLE STUDIO B PROPERTY OVERVIEW PROPERTY PHOTOS CBCWORLDWIDE.COM 4

5 THE PROPERTY Panhandle House Studio B 307 N Locust St Denton, TX PROPERTY DETAILS Single story office building on 1.4 acres. Property has 16 parking spaces; high-speed fiber; ; first floor lobby remodeled in 2004; 277/480 volt 1200 amp electric service; fiber optics in building. PROPERTY SPECIFICATIONS Property Type: Class: Building Size: Land: Office B 62,693 SF 2.8 Acres Number of Stories: 3 Year Built/Renovated: 1900/1995 LEASE INFORMATION Typical Floor Size: 21,000 SF Tenancy: Multi Tenant FAR: 51 LOCATION INFORMATION Percent Leased: 100% Space Available: Annual Rent: 1,000 SF, all space available May 2017 $18/SF/NNN Cross Street Located: Business Park: Land: Submarket: County: McKinney St W side, Mid Block Downtown Denton Downtown Denton CBCWORLDWIDE.COM 5

6 MAPS & AERIALS CBCWORLDWIDE.COM 6

7 TAX MAP CBCWORLDWIDE.COM 7

8 NEARBY AMENITIES RESTAURANTS 1 The Abbey Inn 101 W Hickory 2 Mellow Mushroom 217 E Hickory 3 Fuzzy s Taco Shop 115 Industrial St 4 Pizza Snob 321 W Huickory St 5 Guiseppe s Italian Restaurant 821 N Locust BANKS 1 Wells Fargo 101 S Locust 2 DATCU 225 W Mulberry St 3 First State Bank 400 W Oak St 4 Northstar Bank 400 N Carroll Blvd 5 First United Bank 2730 W University 6 Roosters Roadhouse 113 Industrial 7 Barley & Board 100 W Oak St 8 Hannah s 100 W Oak St 9 Cartwright s Ranch House 111 N Elm 10 LSA Burger Co. 113 W Hickory St 11 Greenhouse 600 N Locust UNIVERSITIES 1 University of North Texas 1155 Union Cir 2 Texas Women s University 304 Administration Dr s 219 W Oak St 13 Seven Mile Cafe 529 Bolivar St 14 Queenie s Steakhouse 115 E Hickory St 15 El Matador 720 W University Dr POST OFFICES 1 US Post Office 101 E Mckinney St 16 The Bowellery 901 Avenue C # BJ s Brewhouse 3250 Interstate 35 E 18 Bet The House BBQ 508 S Elm St 19 Andaman 221 E Hickory St 20 Johnny Carino s 1516 Centre Pl Dr 21 J & J s Pizza 118 W Oak St CBCWORLDWIDE.COM 8

9 MARKET OVERVIEW This Office Market Downtown Denton is a booming market. Everyone in the county is swarming to the county seat to experience the excitment and inovation that is happening in the old historic center of town around the 150 year old courthouse. Join a world renowned studio in a studio space of your own. Panhandle House recording has been the home to a wide range of national and international acts ranging from Cross Canadian Ragweed to Eagles. Surrounded by a wide array of food and drink establishments, this space will keep your clients and employees happy and fed. Vacancy rates downtown are currently as low as 5%. Rates for office range from $18 per square foot to $23 per square foot on tripe-net leases. Office: New office development continues to proceed with caution, Heartland Real Estate Business reports. Currently, there is only 271,600 square feet of new office space under construction in the market. However, large blocks of space 25,000 square feet or greater continue to be in limited supply in the most desirable submarkets, such as Clayton and West County. This lack of supply for large blocks will likely serve to catalyze future development. That future may be far off, since even in Clayton, the three office projects in the pipeline are in the conceptual stage. Tony Novelly s recent purchase of the former U.S. Title Building on Forsyth allows for the opportunity of a third tower adjacent to his existing holdings. Koman Properties is marketing the northeast corner of Brentwood Boulevard and Forsyth for a new office tower, and Montgomery Bank has assembled an attractive parcel at the southeast corner of Forsyth and Central with plans for a major mixed-use tower. Any one of these projects could proceed with the signing of a large tenant. CBCWORLDWIDE.COM 9

10 Population 1-mi. 3-mi. 5-mi. Total Population 16,409 88, ,417 Group Quarters Population 2,905 8,795 9,470 Urban Population 16,409 87, ,784 Rural Population 0 1,173 4,633 Adult Population 14,703 74, ,129 Ratio of Males to Females Female Population 8,519 45,189 65,962 Male Population 7,891 43,263 63,454 Land Area (Square Miles) Age 1-mi. 3-mi. 5-mi. Median Age, Total Median Age, Male Median Age, Female % Age % 84.22% 80.46% % Age % 71.99% 71.09% % Age % 16.7% 17.85% % Age % 9.22% 9.47% Ethnicity 1-mi. 3-mi. 5-mi. % White 62.18% 68.35% 70.5% % Black/African American 14.62% 13.21% 11.65% % American Indian / Alaska Native 0.8% 0.75% 0.82% % Asian 8.35% 5.42% 4.84% % Native Hawaiian / Other Pacific Islander 0.33% 0.12% 0.12% CBCWORLDWIDE.COM 10

11 CONTACT INFORMATION For more information, please contact: Glen Farris VERUS ADVISORS COLDWELL BANKER COMMERCIAL NRT 319 W Oak St Denton, TX Phone: (300) Fax: (940) Mobile: (940) gfarris@v-re.com CBCWORLDWIDE.COM 11

12 CONFIDENTIALITY STATEMENT This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the Coldwell Banker Commercial affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property AS IS CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/ or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them. CBCWORLDWIDE.COM 12